Crescent Communities Announces Sale of Multifamily Community In Orlando
ORLANDO, FL (May 26, 2022) – Crescent Communities is pleased to announce the sale of NOVEL Lucerne, one of 10 multifamily communities the company has developed within the Florida market to Knightvest Capital (“Knightvest”) and funds managed by Oaktree Capital Management, L.P. (“Oaktree”).
“It has been rewarding to watch NOVEL Lucerne transform into a thriving community in SoDo,” said Tim Graff, Managing Director for Florida for Crescent Communities. “Crescent Communities is thrilled with the investment community’s overwhelming response to the quality and value of the development, and we are excited to find a buyer that will continue the momentum we have started.”
Located at the intersection of the thriving SoDo and Downtown neighborhoods, NOVEL Lucerne provides residents convenient access to shopping, dining, parks, and more. The area is also within walking distance to the Orlando Health Campus, Lake Lucerne, and the Dr. Phillips Center for the Performing Arts. The mixed-use community features 375 luxury residences with a mix of one-, two-, and three-bedroom floor plans. State of the art amenities include a resort-style pool with designer furniture, shaded terrace and poolside grilling stations, a double-height resident lounge with event kitchen and workspaces, an expansive fitness center with a separate group and spin fitness room, a large, fenced dog park, and a resident art gallery. Ground floor retail components include natural grocery chain Earth Fare and training concept Eat The Frog Fitness, providing a healthy and convenient lifestyle.
“We are excited to expand our investment footprint in the southeast with Orlando being a new market for Knightvest starting in 2022,” said Jason Dallas, Vice President of Acquisitions at Knightvest. “Novel Lucerne is a best-in-class asset proximate to major downtown Orlando employment and the desirable SoDo district and will be a great addition to the Knightvest portfolio.”
“We remain impressed by the fundamentals of the Orlando multifamily market,” said Amy Johannes, Managing Director in Oaktree’s Real Estate group. “We believe that the characteristics of Novel Lucerne, including its top-tier construction, proximity to key employment drivers, and robust rental demographics, make it an excellent fit for our Real Estate Income strategy.”
The Newmark broker team that oversaw the sale includes Senior Managing Director Scott Ramey, Vice Chairman Patrick Dufour, Director Brad Downing, and Associate Paul Grant.
Partners in the development of NOVEL Lucerne included general contractor Brasfield and Gorrie, The Preston Partnership as the architect, civil engineer firm GAI Consultants, landscape design firm Dix.Hite Partners, and interiors by Vignetter Interior Design. Imagery of NOVEL Lucerne is available HERE.
This sale comes as Crescent Communities continues to expand its footprint in Florida, recently announcing the land closings of multifamily communities NOVEL Beach Park and NOVEL Independence Park in Tampa, RENDER Legacy Trail and HARMON Legacy Trail in South Sarasota (Crescent Communities’ suburban multifamily and build-to-rent offerings respectively), as well as the sale of NOVEL Midtown Tampa.
Crescent Communities continues to experience significant growth with $7.6 billion of residential and commercial investments and developments currently under construction, operations and planning including 15,700 units of multifamily / single family build-to-rent, 200,000 square feet of complementary retail, and 11.1 million square feet of office, industrial and life-sciences. With a focus on environmental sustainability and wellness, the organization pursues certifications including LEED, NGBS (National Green Building Standard), Fitwel, and WELL.
About Crescent Communities
Crescent Communities is a nationally recognized, market-leading real estate investor, developer and operator of mixed-use communities. We create high-quality, differentiated residential and commercial communities in many of the fastest growing markets in the United States. Since 1963, our development portfolio has included more than 77 multifamily communities, 24 million square feet of commercial space and 60 single family master-planned communities. Crescent Communities has offices in Charlotte, DC, Atlanta, Orlando, Nashville, Dallas, Denver, Phoenix and Salt Lake City. Our residential communities are branded NOVEL, RENDER and HARMON by Crescent Communities and our industrial developments are branded AXIAL by Crescent Communities.
About Knightvest Capital
Knightvest is one of the largest privately owned multifamily owners and operators in the United States. To date, Knighvest has acquired over 50,000 units across major MSA’s in Texas, Arizona, North Carolina and Florida. For further details, please visit knightvestcapital.com.
Oaktree is a leader among global investment managers specializing in alternative investments, with $164 billion in assets under management as of March 31, 2022. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 1,000 employees and offices in 20 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/.